SBA tops $50 M in Disaster Assistance Loans to NMI

The U.S. Small Business Administration has approved more than $54.3 million in federal disaster loans for CNMI businesses and residents impacted by the last two typhoons that hit the CNMI.

According to Tanya N. Garfield, director of the SBA’s Disaster Field Operations Center-West, the SBA has approved $187,300 for businesses and $1,571,300 for residents for Typhoon Mangkhut; and $6,592,900 for businesses and $45,995,100 for residents for Super Typhoon Yutu to help rebuild and recover from these disasters.

Typhoon Mangkhut occurred on Sept. 10-11, 2018, while Super Typhoon Yutu occurred on Oct. 24-26, 2018.

“SBA’s disaster assistance employees are committed to helping businesses and residents rebuild as quickly as possible,” said Garfield.

Businesses and residents who sustained damage are encouraged to register prior to the deadline with the Federal Emergency Management Agency at www.disasterassistance.gov.

“Don’t miss out on any assistance you may be entitled to by not registering for help. You don’t need to wait for your insurance to settle or obtain a contractor’s estimate,” Garfield added.

SBA continues to provide one-on-one assistance to disaster loan applicants at the following locations on the days and times indicated. No appointment is necessary.

On Saipan, the DRC at the Saipan Chamber of Commerce, Marianas Business Plaza, is open Mondays – Fridays, 8am – 5pm; and Saturdays, 10am – 4pm.

There is also a DRC at the Pedro P. Tenorio Multi-Purpose Center in Susupe, Mondays – Fridays, 9am – 6pm; and Saturdays, 10am – 4pm.

On Tinian, it is at the Department of Commerce, Mondays – Fridays, 9am – 6pm.

For small businesses and most private nonprofit organizations of all sizes, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage. These economic injury disaster loans are available on Rota, Saipan and Tinian for Typhoon Mangkhut and the Northern Islands, Rota, Saipan and Tinian for Super Typhoon Yutu.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA can also lend additional funds to help business and residents with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

Disaster loans up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. These low-interest federal disaster loans are available in Rota, Saipan and Tinian.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hardofhearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

The deadline to apply for property damage for Typhoon Mangkhut is Jan. 27, 2019. The deadline to apply for economic injury is July 1, 2019.

The deadline to apply for property damage for Super Typhoon Yutu is Jan. 27, 2019. The deadline to apply for economic injury is July 26, 2019. (SBA)